Negative Pressure Wound Therapy Market growth outlook with industry review and forecasts
Ocean View, DE -- (SBWIRE) -- 05/21/2020 -- Negative Pressure Wound Therapy Market will exceed USD 2.5 billion by 2025; as per a new research report.
Increasing number of accidents and trauma globally will create abundant demand for negative pressure wound therapies (NPWT) fueling the industry growth. According to Centers for Disease Control and Prevention (CDC), annually 1.35 million people are killed in road accidents across the globe. NPWT is a non-invasive therapy that treats severe tissue injuries by applying vacuum on wound tissue. The system is convenient and enables quick recovery from complicated wounds compared to traditional methods that should augment its demand.
Rising applications of NPWT in various surgeries such as maxillofacial surgeries will augment its demand over the analysis timeframe. Complex wounds in skull-facial areas results in multiple complications. This scenario leads in multiple dressings that requires prolonged time and extends hospital stay. NPWT plays a pivotal role in treating cervicofacial infectious disease and oncological-reconstructive surgeries. Increasing number of surgeries will augment the demand for effective wound care devices rendering significant positive impact on industry growth. However, complexities associated with NPWT may hinder its business growth.
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Conventional NPWT devices segment is anticipated to witness around 5.5% CAGR from 2018 to 2025. Conventional NPWT devices are of large size, immobile and cost effective as compared to the single use systems. ASCs and public hospitals provide low cost treatment to patients; thus, they majorly rely and prefer conventional equipment. Although this type of instrument is widely used, single use devices are expected to grab significant revenue share from conventional NPWT segment over forecast period.
Diabetic wounds segment had 15.7% revenue in 2018 and it is anticipated to expand enormously in near future. Increasing prevalence of diabetes globally will provide abundant opportunities for industry players to develop innovative solutions that will cater demands of patients. Diabetic foot ulcer wounds are deep, complicated and non-healing. NPWT distorts extra cellular matrix and activates tyrosine kinase, transport genes and stimulates calcium release resulting in quicker wound healing. Thus, advantages of NPWT in treating complex DFUs coupled with its rising incidences will escalate segment growth.
Homecare settings segment is predicted to witness more than 7.5% growth over the analysis time frame. Significant growth is attributed to benefits offered by technologically advanced NPWT devices. For instance, single use devices are portable and effectively treats wound leakage in home settings. This device is canister free that results in patient convenience, thereby increasing its preference in homecare settings. Patient friendliness provided by advanced devices will augment its demand in homecare settings.
Asia Pacific negative pressure wound therapy market held around 14.5% revenue share in 2018. Substantial revenue share is attributed to rising prevalence of chronic diseases such as diabetes in the region. According to WHO, Asia Pacific region is witnessing substantial growth in number of diabetic patients as well as surgery and trauma cases. As a result, occurrence of diabetic foot ulcers and surgical wounds will rise in the region that will increase demand for NPWT devices.
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Prominent industry players operational in the negative pressure wound therapy market include ConvaTec, Cork Medical, Acelity, Cardinal Health, DeRoyal, Genadyne Biotechnologies Inc, Smith & Nephew Inc, Medela Inc and Sonoma Pharmaceuticals. Key market players have implemented numerous strategic initiatives such as new product launch, geographical expansions, mergers and acquisitions. For instance, in August 2018, Smith & Nephew launched PICO 7 NPWT system in Europe. This strategy aimed to expand its product portfolio in Europe region that will help company to expand in new region.